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2012-04-18
The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from Grand Park Hotel & Resorts Company ( HOTEL). PEX disclosure rules give all PEX listed companies one month to report their first quarter interim financial statements as reviewed by the company’s internal auditor. In addition to this press release, this disclosure was published on the PEX website (www.pex.ps) and emailed to PEX member securities firms.
HOTEL is the fifth listed company to disclose its interim financial statements for the first three months of 2012.
The disclosed information includes: the Statement of Financial Position, the Income Statement, Changes in Equity Ownership and the Statement of Cash Flows. The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Service Sector. The interim report should also include information required by Article (37/2) of the PEX disclosure rules in place. The company included information regarding management, issued shares, material changes and significant events that may have affected financial performances during the first three months of the year.
According to company data for the first three months of the year, net loss reached (101,354) JOD, compared with a net loss of (114,651) JOD from the first three months of 2011, a net decrease in loss of 11.6%. Total assets of the company reached 7,143,307 JOD as of March 31st, 2012, compared to total assets of 6,703,314 JOD as of December 31st, 2011, a net increase of 6.6%. Total liabilities of the company reached 4,476,624 JOD as of March 31st, 2012, compared to total liabilities of 3,935,277 JOD as of December 31st, 2011, a net increase of 13.8%. Net ownership equity of the company reached 2,666,683 JOD as of March 31st, 2012, compared with a net ownership equity of 2,768,037 as of December 31st, 2011, a net decrease of 3.7% in the first three months.
HOTEL has been suspended from trading since 2003.
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